Hey, remember when lumber prices shot up and the right said this is proof Biden is causing inflation? Well, lumber prices are in negative territory for the year.

[Walter Sobchak]

https://www.google.com/amp/s/www.cnb...on-record.html

"This drop suggests that the cause of that inflation—the mismatch of supply and demand—will not last forever," said Brad McMillan, CIO at Commonwealth Financial Network. "As suppliers across industries get their acts together, those shortages will fade, along with the inflation. That looks to be happening for lumber now and will happen for other inputs later."

In another thread a bunch of you were saying Biden will cause inflation waaaaaah waaaah waaah and pointing to lumber prices as evidence. And I said this is a short term supply chain issue, one of many caused by COVID, and there is no significant harmful inflation on the horizon.

Looks like I’m right again. You’re welcome.

[Dan Druff]

Inflation is worse this year than any recent year on record, and it's not because of lumber.

It's because of a shitload of cash being needlessly spewed into the economy, even as tons of jobs are available.

Yes, Biden caused inflation.

[gimmick]

Inflation is worse this year than any recent year on record, and it's not because of lumber.

It's because of a shitload of cash being needlessly spewed into the economy, even as tons of jobs are available.

Yes, Biden caused inflation.

Nope.

Below is EU for this year.

https://tradingeconomics.com/europea...inflation-rate

Unless you're also saying Biden caused inflation there as well.

It's just a variation of "the coronavirus crisis, the re-opening of the economy and continued supply constraints".

[MumblesBadly]

Inflation is worse this year than any recent year on record, and it's not because of lumber.

It's because of a shitload of cash being needlessly spewed into the economy, even as tons of jobs are available.

Yes, Biden caused inflation.

Nope.

Below is EU for this year.

https://tradingeconomics.com/europea...inflation-rate

Unless you're also saying Biden caused inflation there as well.

It's just a variation of "the coronavirus crisis, the re-opening of the economy and continued supply constraints".

Per Druff, you can’t use what happens in Europe to explain away rightwing talking points about how terrible the Democrat Party is for America. Because we have different people over here. Support those talking points, yes. Disprove them, no.

[Pablo]

Lumber prices at Lowes/Home Depot started rising in spring 2020.
They got out of control by Aug/Sept. 2020.
By that time lumber prices were already 3x what they were 6 months earlier.

[garrett]

I have been getting so fn mad, hearing people constantly say oh yeah, prices are too high, it will be 2007/2008 all over again eventually..

Which is so wrong, and point blank stupid logic, prices are not rising right now, bc inevitably they will crash. as would happen in any bubble actually. That is not going to happen, one main ingredient is not at all going on, and was widespread and disgusting in 2007. People in 2007 were getting mortgages, who couldn't and didn't pay them, loose lending. Currently its not easy to get a Mortgage, as it should be, which again goes against this whole omg its a bubble just wait thought process. Its not a bubble, at all. We currently do not have a loose lending environment and haven't for a decade, where its easy to get a mortgage. That people then default on, and in 2007 Mortgage Backed Securities (MBS) were happening, which were being sold so when the whole sector collapsed on top of itself in 2007, it was mainly because of loose lending, and MBS. That is not even close to what is happening currently, and rightfully it is hard to get a Mortgage currently, as it should be.

So this is not at all a bubble, it doesnt even have the correct makeup for a collapse to happen like it did in 2007/2008 so please stop saying that, this is NOT a bubble, I can assure you all, thanks.....

[Daly]

One of the ways the price of lumber is tracked is “price per 1000 board Ft”. You can get into to weeds if you want and plywood has different uses than 2x4 but I’m willing to accept it as an important metric.

The price has crashed from as high as ~1650 per 1kbf to ~500 in the past few months. So it is a true statement to say “lumber prices are in negative territory for the year”.

Only problem is Walt it was ~200 two years ago. So it’s up 150%. Only up 75% a year which isn’t bad compared to a lot of food items. Not a big deal it’s not like we need food.

I’d consider the above while you take your victory lap. If you cut a tire it could be costly.

[Texter]

Inflation is worse this year than any recent year on record, and it's not because of lumber.

It's because of a shitload of cash being needlessly spewed into the economy, even as tons of jobs are available.

Yes, Biden caused inflation.

Nope.

Below is EU for this year.

https://tradingeconomics.com/europea...inflation-rate

Unless you're also saying Biden caused inflation there as well.

It's just a variation of "the coronavirus crisis, the re-opening of the economy and continued supply constraints".

Isn’t Europe paying people to stay home too? But I agree, it’s mostly supply chain issues

[BetCheckBet]

On fairness I can’t imagine anyone with a basic understanding of economics to beleive inflation caused a specific commodity to jump 300 percent in price.

Still Inflation is major issue but trump also played huge part in that.

I will say however if inflation gets much higher you are going to see a major swing in investments with some big companies getting hit huge.

[gimmick]

Nope.

Below is EU for this year.

https://tradingeconomics.com/europea...inflation-rate

Unless you're also saying Biden caused inflation there as well.

It's just a variation of "the coronavirus crisis, the re-opening of the economy and continued supply constraints".

Isn’t Europe paying people to stay home too? But I agree, it’s mostly supply chain issues

Sure with some variation on the amount and conditions. Running theme is that it doesn't counter the amount of money lost from Covid related losses. Households in general do not have more money to spend nor are they more willing to shoot it off.

GDP isn't a really good metric for it, but basically everyone lost a few percentages in 2020. I think out of the major economies China was the only one that ended up positive.

Most of the money that was funneled to economy was used to prop up markets. And to this day it doesn't appear to be trickling down significantly. Any day now.

US government debt to GDP ratio went up the usual 1% or so in 2020. It's been doing that since 2012. There's few things that "Biden" is doing that are new, but most of the things he gets accused of have been going on for 10+ years.

[Walter Sobchak]

Lumber prices at Lowes/Home Depot started rising in spring 2020.
They got out of control by Aug/Sept. 2020.
By that time lumber prices were already 3x what they were 6 months earlier.

Yes, which is even more proof that it’s not Biden and not long-term inflation.

[Daly]

Lumber prices at Lowes/Home Depot started rising in spring 2020.
They got out of control by Aug/Sept. 2020.
By that time lumber prices were already 3x what they were 6 months earlier.

Yes, which is even more proof that it’s not Biden and not long-term inflation.

We can agree on one thing. Lumber in its self is NOT a inflation signal.

It’s everything else allong with lumber.

[dwai]

Lumber prices at Lowes/Home Depot started rising in spring 2020.
They got out of control by Aug/Sept. 2020.
By that time lumber prices were already 3x what they were 6 months earlier.

Yes, which is even more proof that it’s not Biden and not long-term inflation.

the amount of cope you're dealing with is astronomical